In the meanwhile, finding that the rumors were growing in volume and that no one appeared to be willing to take steps to straighten the matter out, Mr. Skelton C. Wheat, President of the Citizens’ Municipal Reform Association, was, at last and that by no means against his will, compelled to call together the committee of ten estimable Philadelphians of which he was chairman, in a local committee-hall on Market Street, and lay the matter of the Cowperwood failure before it.

“It strikes me, gentlemen,” he announced, “that this is an occasion when this organization can render a signal service to the city and the people of Philadelphia, and prove the significance and the merit of the title originally selected for it, by making such a thoroughgoing investigation as will bring to light all the facts in this case, and then by standing vigorously behind them insist that such nefarious practices as we are informed were indulged in in this case shall cease.  I know it may prove to be a difficult task.  The Republican party and its local and State interests are certain to be against us.  Its leaders are unquestionably most anxious to avoid comment and to have their ticket go through undisturbed, and they will not contemplate with any equanimity our opening activity in this matter; but if we persevere, great good will surely come of it.  There is too much dishonesty in public life as it is.  There is a standard of right in these matters which cannot permanently be ignored, and which must eventually be fulfilled.  I leave this matter to your courteous consideration.”

Mr. Wheat sat down, and the body before him immediately took the matter which he proposed under advisement.  It was decided to appoint a subcommittee “to investigate” (to quote the statement eventually given to the public) “the peculiar rumors now affecting one of the most important and distinguished offices of our municipal government,” and to report at the next meeting, which was set for the following evening at nine o’clock.  The meeting adjourned, and the following night at nine reassembled, four individuals of very shrewd financial judgment having meantime been about the task assigned them.  They drew up a very elaborate statement, not wholly in accordance with the facts, but as nearly so as could be ascertained in so short a space of time.

“It appears [read the report, after a preamble which explained why the committee had been appointed] that it has been the custom of city treasurers for years, when loans have been authorized by councils, to place them in the hands of some favorite broker for sale, the broker accounting to the treasurer for the moneys received by such sales at short periods, generally the first of each month.  In the present case Frank A. Cowperwood has been acting as such broker for the city treasurer.  But even this vicious and unbusiness-like system appears not to have been adhered to in the case of Mr. Cowperwood.  The accident of the Chicago fire, the consequent depression